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Property Management Mock Exam 1 Questions And Answers With Verified Solutions 100% Correct!!!
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Property Management Mock Exam 1 Questions And Answers With Verified Solutions 100% Correct!!!
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Property Management Mock Exam 1Questions And Answers With Verified
Solutions 100% Correct!!!
All leases should require tenants to purchase ___________ insurance: -
ANSWER✔✔ Renters (HO-4)-- A tenant would purchase HO4 insurance to cover
their personal property in an apartment.
The ratio of rentable space to useable space is sometimes called: - ANSWER✔✔
Load factor-- The ratio is used on a multiple tenancy floor of an office building
Return on Investment (ROI) is: - ANSWER✔✔ Net income after taxes to money
invested in the property (equity)-- ROI = net income/equity x 100%
According to the Statute of Frauds of most states: - ANSWER✔✔ Leases of more
the one year must be in writing to be enforceable-- A lease of one year or less may
be verbal.
A broker that handles an owners money should be covered by a: - ANSWER✔✔
Surety bond-- A surety bond would protect the broker against loss due to employee
theft.
A condominium owner should be required to obtain: - ANSWER✔✔ HO-6
condominium insurance policy (covers personal property and any additions made
by owner)-- A problem in one unit may cause a problem in another.
The standard insurance policy does not cover damage from: - ANSWER✔✔
Flooding-- Flood insurance must be purchased separately. Lenders will require
coverage if a property lies in a flood hazard area.
A residential rental application may ask: - ANSWER✔✔ For past landlord
references-- Familial status, marital status and public assistance are protected
classes.
Smaller residences and an increasing need to store business records have led to the
popularity of: - ANSWER✔✔ Mini storage areas--
, Expedited relief references: - ANSWER✔✔ A law that enables a victim of
constructive eviction to have his/her appeal heard by a judge within eight days
after the constructive eviction-- A tenant may file an action with the court within
five days. The court will hold a hearing within three days.
A NNN lease includes what charges that are not included in a NN lease: -
ANSWER✔✔ Repair and maintenance-- A net lease would require the tenant to
pay utilities, taxes, and special assessments. Double net add insurance. Triple net
add repairs and maintenance.
Brokers A & B are conducting real estate in a small town in Northern Nevada,
Broker C opens an office in town. Brokers A & B agree to charge fees so low that
Broker C will not be able to survive financially. This is an example of: -
ANSWER✔✔ A violation of the Sherman Anti Trust Act-- All commissions and
fees are negotiable. Price fixing is setting fees and illegal.
A location that attracts industry by offering favorable land prices and tax
exemptions is an example of: - ANSWER✔✔ Enterprise zones-- State and local
governments create enterprise zones to induce business to the area for the creation
of new jobs.
It is illegal for real estate licensees to discriminate against: - ANSWER✔✔ People
from Denmark-- National origin is a protected class of fair housing.
A broker working for a corporation, LLC or partnership loses his license: -
ANSWER✔✔ The broker must be terminated from the corp., LLC or partnership
and a new broker hired prior to any further real estate activity-- The business
would need a new broker of record to continue in any further business.
A licensee who receives a deposit in a transaction while representing his broker
shall pay over the deposit to that broker or company designated in the contract,
within one business day: - ANSWER✔✔ After receiving a fully executed contract-
- One business day upon acceptance of the offer.
A Real Estate broker who holds both a corporate and individual brokers license: -
ANSWER✔✔ None of the above-- A broker who holds both licenses will pay fees
for both and any violations would affect both.
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